Crypto news

VanEck head expects bitcoin to rise to $250,000

Jan Van Eck, CEO of asset manager VanEck, predicted in an interview with Barrons that the price of the first cryptocurrency will rise to the $250,000 level.

“But it could take decades. It’s hard to set a time frame for that,” he added.

According to VanEck, bitcoin has a great future and will have to reach half the market capitalization of gold, which is about $10.6 trillion.

VanEck’s CEO noted the gradual acceptance of the first cryptocurrency by institutional investors and governments of different countries.

He also emphasized the usefulness of blockchain to improve efficiency and reduce risk in the financial system.

According to Van Eck, investors should allocate 0.5%-3% of capital to bitcoin, but he allocated a share more because of his belief in the success of the asset. The top executive also has owned Ethereum since 2019 and is optimistic about the altcoin’s prospects.

“I like the idea of buying something, putting it in my portfolio and not having to worry about it,” he added.

On the bitcoin-ETF, VanEck’s head said the U.S. Securities and Exchange Commission doesn’t want to approve the instrument until it gains jurisdiction over cryptocurrency exchanges. He questioned whether the bill will pass in 2022 because of the U.S. Senate election.

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